Commodities
US-Iran Tensions Send Oil Prices Soaring Past $100 a Barrel
Stocks plummeted on Wall Street Wednesday as oil prices surged back above $100 a barrel following further escalation in the US war with Iran.
The price of Brent crude, the international standard, rose 3% to $100.87 a barrel, marking its first time surpassing $100 since July.
Retailers led the market lower, with Amazon falling 1.9% and Starbucks dropping 1.2%, while oil companies Exxon Mobil and Chevron pushed higher by 2.5% and 1.7%, respectively.
The jump in oil prices has fueled already-high inflation, with gasoline prices up about 32% from a year ago to $4.22 per gallon, and diesel hitting an all-time high at $5.94 overnight.